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Originally Posted by GoRedSox!
Part of it is probably mismanagement.
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There really is no probably about it.
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I see the lists of all the things that are wrong with CA, but there are still many things about CA that are very good. If it truly was terrible, the median value of a home would not have hit $868,000 there.
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It's great if you are on the right side of the fence, otherwise it's a disaster. That is some seriously overpriced real estate. I have a friend in the bay area whose 70 year old 1,600 square foot 3/2 house is worth around 3 million dollars. His property taxes are just south of 22,000 dollars a year. Not even prop 13 can save him. Some folks back there talk about how great it is to have prop 13 in place but the issue as I see it is what good does it do you when the cost of your standard old suburban neighborhood home is 750,000 to a million dollars. lol.
If you have a 500,000 dollar home you are talking in the order of about 6,000 a year in taxes. His house, while completely remodeled, which wasn't for free mind you ($$$), isn't any nicer then ours and I would argue his neighborhood is nowhere near as nice as ours. And certainly where we moved from the neighborhood v. the one we are currently in, is night and day.
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Some of the folks who are complaining and kicking CA in the butt on the way out the door became millionaires due to the incredible appreciation of their home and are set for life.
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Speaking just for me, I worked hard, very hard and scrimped and scraped to get to where I am at. Still do. All this despite the state of California doing everything they could to make it harder on us.
And I'll end with this, we would have never left the state of California if it wasn't such a mess and ridiculously overpriced. We didn't come here because it was a bad deal, we came here because it was so much better.